07 February 2018
My proprietorship business turnover in FY 2016-17 is Rs. 90 lacs and profit is Rs 4.5 Lacs (5%). Is tax audit applicable? if yes please clear the clause under which it is applicable with reasons. Thanks in advance.
2. 44AB(e) is for business. This section applies in a case wherein section 44AD(4) applies. That is in FY 2015-16, if you have opted 44AD and not opted in FY 2016-17 ,then 44AD(4) applies ,meaning thereby tax audit is applicable per section 44AD(e).
08 February 2018
Little confusions! 1. I believe that 44AD(4) will apply from FY 2016-17 onwards only. It will not matter if, i have filed ITR for FY 2015-16 under 44AD or not? 2. What will be the senerio if this is a new business in FY 2016-17? Can you further clarify the above two issues.
CAclubindia
